I would, If in this position, take the equity in the form of a HELOC and purchase a cash flowing asset that would not only pay for itself but pay for the cost of the money while putting cash into my bank account each month. 

Unfortunately, given current and foreseeable prices and interest rates, I will not be in the position to buy anything else anywhere I’d want to go. 

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An emergency fund needs to be liquid, and immediately available to you in addition to being low risk and protecting principle. 

For the most part, due to interest rates, breaking the 1% cap rate still won't provide positive return after expenses.

Be careful about feeding additional capital into syndicates with short-term loan maturities if the only plan is to negotiate lender maturity extensions for another year. 

Usually living in it for a few years may be enough for it to cash flow positive when you move out.  

On the positive side, it seems like you have a good potential BRRRR that you can use to purchase additional properties.

Quote from @Zach Howard: Quote from @V.G Jason: Quote from @Zach Howard: @V.G JasonTo someone just starting out (only option of OOS) who can get access to 200k, but no additional financing at this time but an additional 50-100k max in reserve cash, where might you recommend they start - markets/property type/strategy?

Only whole notes become the 1st position and holder of the actual loan note.